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Our Business Management Section provides valuable on-line information for the entrepreneur and business owner. Browse away ... we're certain you'll find information to make your business more successful. |
| Sweet Repeats! It’s fine to go after new customers, but the real action lies with existing customers. Here’s how to keep them coming back. |
| Many business owners focus so much energy on
generating new business that they have little time to nurture current customers. It’s
a flawed strategy. Then you get caught in a cycle of having to constantly go out and get
new customers, while your old customers just start fading away. And it costs 10
times more to acquire a new customer than it does to keep an existing one. Long-time customers are also your best ticket to new business. Statistics show that each loyal customer will tell five others about you. Word of mouth is still a most powerful tool. There’s nothing mysterious about preventing customers from straying. You must: get to know them, form a bond with them, and treat them right. Here are some techniques for strengthening customer ties. 1. Focus On The “After-Sale” Nothing encourages repeat business like a phone call from the management to make sure everything is satisfactory. It is one of the things that you can do that has so much wallop. Several of our clients have designated an employee whose sole responsibility is supporting customers. They pick up the ball and call the customer ensuring they have a special feeling about their experience with the business. 2. Diversify And Cross-Sell Diversifying provides business owners a golden opportunity to get customers back in the door. If somebody is satisfied with your products and services, then that person is saying “What else do you have; how else can you help me?” Cross merchandise the other profit centers of you business. Let customers know what other products and services you offer. By marketing various goods and services to the same customers, you will increase your revenue and your customer base. 3. Track Customers With Technology Many of our clients use the computer to generate customer follow up cards and to help them keep track of customers. With the touch of a button, they can find out which customers haven’t been in for a while. When that happens, pick up the phone and ask why - a strategy that can often result in a new sale. Some people just forget or may have lost the follow up card that you sent them. 4. Get Personal By showing a concern for your customers’ needs you will make them feel special. And by building trust you will cement their relationship to you. Following up with customers should be a high priority. Be involved personally to ensure that everything is going well. You have to read what each customer wants from you. If you meet their needs and satisfy their expectations, if they like you as a person and as a professional, they will call back.
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